CUORE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CUORE
Largest movements
- Stocks and contracts +€116,735
up €116,735 (+60.4%), from €193,398 to €310,133
- Receivables within one year -€85,364
down €85,364 (-44.6%), from €191,599 to €106,235
- Cash -€32,217
down €32,217 (-78.7%), from €40,915 to €8,698
mainly Stocks and contracts (-€116,735) and Trade debts (-€48,924)
- Deferred charges and accrued income +€12,291
up €12,291 (+159.1%), from €7,723 to €20,014
- Short-term financial debts +€78,963
up €78,963 (+55.2%), from €143,076 to €222,040
- Trade debts -€48,924
down €48,924 (-27.9%), from €175,398 to €126,474
- Tax, wage and social debts -€19,786
down €19,786 (-29.7%), from €66,644 to €46,858
of which Taxes: -€23,355
- Gross operating margin +€31,859
up €31,859 (+27.2%), from €117,104 to €148,962
- Staff costs +€19,475
up €19,475 (+24.9%), from €78,364 to €97,839
- Other operating charges +€11,747
up €11,747 (+1367.7%), from €859 to €12,606
- Depreciation +€8,289
up €8,289 (+61.7%), from €13,437 to €21,726
- Financial charges -€2,707
down €2,707 (-14.9%), from €18,161 to €15,454
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €505,806 | €517,701 | +€11,896 | +2.4% |
| Fixed assets | 21/28 | €72,170 | €72,621 | +€451 | +0.6% |
| Intangible fixed assets | 21 | €2,201 | €6,802 | +€4,601 | +209.0% |
| Tangible fixed assets | 22/27 | €69,369 | €65,219 | -€4,150 | -6.0% |
| Plant, machinery and equipment | 23 | €42,283 | €43,404 | +€1,121 | +2.7% |
| Furniture and vehicles | 24 | €10,707 | €9,298 | -€1,409 | -13.2% |
| Leasing and similar rights | 25 | - | €12,517 | +€12,517 | |
| Other tangible fixed assets | 26 | €16,379 | - | -€16,379 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €433,635 | €445,080 | +€11,445 | +2.6% |
| Stocks and contracts in progress | 3 | €193,398 | €310,133 | +€116,735 | +60.4% |
| Stocks | 30/36 | €193,398 | €310,133 | +€116,735 | +60.4% |
| Amounts receivable within one year | 40/41 | €191,599 | €106,235 | -€85,364 | -44.6% |
| Trade receivables | 40 | €191,599 | €106,235 | -€85,364 | -44.6% |
| Cash at bank and in hand | 54/58 | €40,915 | €8,698 | -€32,217 | -78.7% |
| Deferred charges and accrued income | 490/1 | €7,723 | €20,014 | +€12,291 | +159.1% |
| Total equity and liabilities | 10/49 | €505,806 | €517,701 | +€11,896 | +2.4% |
| Equity | 10/15 | €40,590 | €41,493 | +€903 | +2.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,590 | €6,493 | +€903 | +16.2% |
| Amounts payable | 17/49 | €465,216 | €476,208 | +€10,993 | +2.4% |
| Amounts payable after more than one year | 17 | €80,097 | €80,836 | +€739 | +0.9% |
| Financial debts | 170/4 | €80,097 | €80,836 | +€739 | +0.9% |
| Amounts payable within one year | 42/48 | €385,119 | €395,373 | +€10,254 | +2.7% |
| Financial debts | 43 | €143,076 | €222,040 | +€78,963 | +55.2% |
| Credit institutions | 430/8 | €143,076 | €222,040 | +€78,963 | +55.2% |
| Trade debts | 44 | €175,398 | €126,474 | -€48,924 | -27.9% |
| Suppliers | 440/4 | €175,398 | €126,474 | -€48,924 | -27.9% |
| Taxes, remuneration and social security | 45 | €66,644 | €46,858 | -€19,786 | -29.7% |
| Taxes | 450/3 | €66,644 | €43,289 | -€23,355 | -35.0% |
| Remuneration and social security | 454/9 | - | €3,569 | +€3,569 | |
| Remuneration, social security and pensions | 62 | €78,364 | €97,839 | +€19,475 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,437 | €21,726 | +€8,289 | +61.7% |
| Other operating charges | 640/8 | €859 | €12,606 | +€11,747 | +1367.7% |
| Gross operating margin | 9900 | €117,104 | €148,962 | +€31,859 | +27.2% |
| Operating profit (loss) | 9901 | €24,444 | €16,791 | -€7,653 | -31.3% |
| Financial income | 75/76B | €634 | - | -€634 | |
| Recurring financial income | 75 | €634 | - | -€634 | |
| Financial charges | 65/66B | €18,161 | €15,454 | -€2,707 | -14.9% |
| Recurring financial charges | 65 | €18,161 | €15,454 | -€2,707 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €6,917 | €1,337 | -€5,580 | -80.7% |
| Income taxes | 67/77 | €1,964 | - | -€1,964 | |
| Profit (loss) for the period | 9904 | €4,953 | €1,337 | -€3,616 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,953 | €1,337 | -€3,616 | -73.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.